Vietnam's Economy is Growing Fast

Vietnam has made impressive strides in the business world. Over the past 20 years, it’s been the most improved country for business, according to the Economist Intelligence Unit (EIU)’s Business Environment Rankings.

Vietnam climbed 1.7 points on the index from 2003 to 2023, marking the biggest jump among 82 countries surveyed.

This progress is largely thanks to Vietnam’s commitment to opening up its economy through a range of free-trade agreements, which have made the country more appealing for businesses worldwide.

Prianthi Roy, a country forecast manager at EIU, noted that in the next five years, Vietnam’s business environment is expected to grow even faster than regional players like Indonesia and Thailand.

Low labour costs, strong trade agreements, and an expanding market are the main drivers behind this forecast.

Still, Vietnam isn’t without challenges. Despite improvements in trade policies and investment in skills and education, complex bureaucratic processes and administrative hurdles continue to slow business operations down.

These barriers remain areas to address as Vietnam continues to boost its global business appeal.